Council Approves Debt Restructuring Plan

One Dryden Councillor isn’t pleased with a decision to restructure the debt of the Sewage Treatment Plant and the Wabigoon Lift Station.
Sid Wintle was the only one to vote against the move Monday night, stressing it would put nothing but stress on the next Council in 2016-2017.
The restructuring would require the City to pay roughly $2.6-million in the final two years of the loans and Chief Administrative Officer Andre Larabie says he’s confident they will be able to pay the tab.
Larabie says they will be in a better position due to current restructuring, the closure of the Communications Centre as well as annual Gas Tax funding.
Preliminary numbers presented indicate the City stands to save $1.2-million and $1.9-million in 2015-2016 with the moves.
Larabie stresses they only have $26,000 in reserves in the event of an emergency and states this move will free up $1.43-million dollars over the next two years.
The City will have to pay an additional $143,000 in order to restructure the two debentures.
The term of the loans hasn’t changed.